This could shape up to be one of the strongest years yet for VitalConnect. The San Jose, CA-based company kicked off 2022 by announcing it raised $39 million in a financing.
The financing was funded by EW Healthcare Partners in addition to other new and existing VitalConnect investors. Additionally, the company announced that Robert S. White, Operating Partner at EW Healthcare Partners has joined its board.
Peter Van Haur, CEO of VitalConnect spoke with MD+DI about the financing round shortly after giving a company presentation at the virtual J.P. Morgan Healthcare Conference.
“As it stands right now, we’re aggressively ramping our sales efforts,” Van Haur told MD+DI. “So, as you can imagine the primary focus of the funds will go toward hiring additional salespeople, hiring marketing (personnel); and hiring support personnel to uphold the company during this phase of growth.”
VitalConnect has developed VitalPatch, an FDA-cleared, clinical-standard wearable biosensor that continuously monitors eight vital signs in real-time and updates caregivers through the VistaTablet and Vista Solution. These vital signs include heart rate, heart rate variability, respiration rate, body temperature, live ECG, posture, activity, and fall detection.
In April of 2020, VitalConnect earned an EUA from FDA for its VitalPatch to remotely monitor and detect QT interval changes in ECG for patients who are undergoing treatment in a hospital setting for COVID-19 with drugs that can prolong QT intervals.
And in November the company launched its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring. It monitors for 21 cardiac arrhythmias through AI-based ECG analysis and captures vital signs data.
The pandemic has caused there to be a huge spotlight on remote patient monitoring. Van Haur said while this is the case, it isn’t the sole driver behind VitalConnect’s success.
“I believe the catalyst for our success is a major innovative technology that has been brought through a market where it has technological competitive differences that solves the needs for the patients, the physicians, and the payors. We’re rapidly scaling in that space and disrupting space," he said.